The
global automotive
fuel transfer pumps market was valued at $49,052.6 million in
2015, and it is expected to grow at a CAGR of 4.7% during 2016 - 2022. Changing
consumer preferences and technological advancements are expected to drive the
demand for automotive fuel transfer pumps over the forecast period. The ongoing
technological advancements such as interactive safety systems, self-driving
cars and vehicle connectivity are expected to change the global scenario of the
automotive industry over the forecast period. Currently, automobiles are being
launched with smart features and technology that abide with the latest
standards such as safety, emission, performance and quality. The demand of such
products with superior comfort features is also increasing.
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In
past ten years span, the manufacturing companies are actively engrossed in the
integration of various technologies such as automatic transmission, gasoline
turbochargers, gasoline direct injection and power steering. To fulfill these
requirements, dedicated automotive fuel transfer pumps are required for the
efficient operation of automobile. With the rapidly changing dynamics of
automotive industry, these technologies are likely to augment the growth of
global automotive fuel transfer pumps market.
The
global automotive fuel transfer pumps market is witnessing increasing adoption
of electric pumps, growing demand for smart automobiles and the replacement of
gasoline port fuel injection by gasoline direct injection technology. This is
expected to positively impact the market growth over the forecast period.
The
global automotive fuel transfer pumps market is exhibiting consistent growth in
the adoption of electric pumps, on account of their better performance and
increased efficiency as compared to mechanical pumps. Electric
pumps offer various benefits such as enhanced pressure regulation, less prone
to wear & tear and high durability. The adoption of electric pumps is
comparatively high, resulting in increase in vehicle pricing. With the growing
awareness about the benefits of electric pumps, the demand for automobiles
equipped with electric pumps has been increasing; however, this attribute requires
extra cost. Majority of the vehicles nowadays are equipped with electric pumps
and this trend is likely to continue over the forecast period.
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Some
of the major players operating in the global automotive fuel transfer pumps
market include Robert Bosch GmbH, Denso Corporation, Continental AG, Aisin
Seiki Co. Ltd., Delphi Automotive PLC, Johnson Electric, SHW AG, Magna
International Inc., Mikuni Corporation, and JTEKT Corporation.
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